SOURCE: Solitaire Minerals Corp.

October 05, 2009 09:30 ET

Solitaire Minerals Corp. to Commence Exploration on Princeton Land Package Bordering the Copper Mountain Mining Deposit

VANCOUVER, BC--(Marketwire - October 5, 2009) - Solitaire Minerals Corp. (TSX-V: SLT) (Solitaire) is pleased to announce that it has commenced a surface exploration program today, on its recently acquired Princeton land package. Solitaire has recently entered into an option agreement to earn a 100% undivided interest in the package comprised of 10 claims totaling 10,254 acres near Princeton, southern British Columbia, Canada. Two contiguous claims covering 2,547 acres immediately border the Copper Mountain Mining Deposit south of Princeton (see September 17th SLT News Release).

The Princeton acquisition consists of six distinct claim blocks, easily accessible by road from the Town of Princeton, including the aforementioned block bordering the Copper Mountain property. Known Minfile occurrences are contained within four of these blocks. Please view the acquisition map at:

The targeted commodities in this region are copper and gold, with potential for molybdenum and silver, proximal to the porphyry-style Copper Mountain copper-gold deposit. Mineralization identified to date consists mostly of chalcopyrite and extensive malachite staining developed along mineralized fractures. Historical chip and channel sampling on a portion of this land package yielded values to 0.823% copper with 0.46 gpt gold from one block, and values to 0.62 gpt gold and 2.70 gpt silver on a separate block. These assays have been posted by the BC Geological Survey on the Ministry of Energy, Mines and Petroleum Resources website and can be verified under Minfile Numbers 092HNE024 and 092HSE113 respectively.

The surface program will consist of systematic soil sampling, detailed silt sampling, geological mapping, prospecting and rock sampling across all blocks. The program will have a strong focus on the block adjoining the Copper Mountain property, and will include due diligence verification of known Minfile occurrences.

Copper Mountain Summary

(Sourced from the September 3rd, 2009 release from Copper Mountain Mining Corp.)

"The Copper Mountain Mining project is an open pit porphyry copper mine that operated from 1972 to 1996 and over its life produced 1.74 billion pounds of copper, 730 thousand ounces of gold and 9.1 million ounces of silver. The current resource is estimated at five billion pounds of copper at a 0.15-per-cent-Cu cut-off. The resource estimate incorporates data from over 4,400 historical drill holes totaling approximately 400,000 metres, and 370 new drill holes, totaling 107,000 metres from the company's 2007 and 2008 exploration programs.

"To date, site activities have continued on schedule and were financed by the company's equity contributions and a $28.75-million line of credit from Mitsubishi. This line of credit has now been fully repaid. Long lead items have been ordered with the SAG and ball mill manufacturing well under way to maintain the target production schedule for mid-2011. Detailed engineering is progressing and site geotechnical excavation for the concentrator is now complete. The office and warehouse complex is now fully functional with power, heat, water, telephones, internet and sewerage. The company plans to start pouring concrete foundations in September 2009, in preparation for a very busy spring 2010 construction schedule. The company has approximately 20 employees currently engaged at the site. It is estimated that the project will provide employment for 200 construction workers at its peak and the continuing operations will create 257 full-time positions. Over the 17-year life of the project, it is estimated that the mine will produce 1.47 billion pounds of copper, 452,000 ounces of gold, and 4.5 million ounces of silver (Copper Mountain Mining Corp, 2009)."

Carl Schulze, BSc, PGeo, a qualified person under National Instrument 43-101, has approved the technical content of this news release.

About Solitaire Minerals Corp. (TSX-V: SLT) is a diversified Junior Canadian Mineral Exploration Company with a specific focus on precious and base metal properties in North and South America. The Company has assembled exploration projects in Ontario, Saskatchewan, the Northwest Territories, Quebec, British Columbia, and in southern Peru.

For additional information please contact Solitaire Minerals Corp. or visit

On Behalf of the Board of Directors
"Charles Desjardins"

Charles Desjardins,
President and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary note:

This report contains forward-looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

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